US extends tariff exemptions

The US has indicated that an agreement to exempt Australia from tariffs on steel and aluminium will be finalised shortly. President Donald Trump announced an in-principle agreement on 1 May. Prime Minister Malcolm Turnbull said the deal reflects the "fair and reciprocal" trade relationship between Australia and the US, and ensures that this relationship will continue in such a manner. He added that the tariff exemptions will support jobs in both countries.